Burlington Coat Factory Reports Net Loss

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Burlington, N.J., Burlington Coat Factory reported a net loss of $50.4 million for its first quarter ended Sept. 1, compared to $51.8 million last year.

Net sales for the first quarter were up 3% to $678.8 million, compared with $656.8 million for the same period last year. This increase is primarily the result of new stores opened during the past twelve months, partially offset by a decrease in comparative store sales.

These results reflect a 2.0% comparative-store sales decrease from the comparative period in the prior year. The decrease in same-store sales is primarily due to the impact of the implementation of the cash-return policy after the close of the first fiscal quarter of fiscal 2007.